A multi-generational flat in Yishun sold for $1.06 million, setting a new record for this type of HDB flat, the real estate agent said, The deal was reached before the cooling measures were announced.

Yishun Road 4 Block 666 HDB, a multi-generational flat with an area of 1,765 square feet, was recently sold for $1,063,000. The HDB was completed in 1987 and is 35 years old.

This transaction set two records, in addition to breaking the record of $990,000 set in October 2018 by a multi-generational HDB unit at Block 460, Tampines 42nd Street, becoming the first multi-generational HDB unit resold in Hong Kong at a price of more than one million. Multi-generational HDB units also became the first multi-generational HDB unit with a square foot price of more than $600.

The transaction was handled on behalf of the seller by Zhang Liying, director of The Property Runway under Huttons. In an interview with Xinming Daily, she revealed that the buyer was previously a private homeowner. However, although the transaction was only completed in October, it was executed as early as before the Housing Authority announced the cooling measures on September 30. The letter of option had been executed and registered on the Housing Authority's HDB flat resale platform to indicate the willingness to buy and sell, so the transaction was not affected by the cooling measures.

According to Zhang Liying, the unit is similar to a "super HDB" formed by the merger of a three-bedroom unit and a four-bedroom unit. Its large size is the main reason why the unit attracts buyers to buy at a high price. The unit currently contains two living room areas, two bedrooms and a suite. If the owner likes it, the unit can also be converted into a five-bedroom unit.

"Buyers are switching from private houses to HDB flats, hoping to have enough space to live with their families. The original owner was a family of seven living under one roof. The advantage of multi-generational units is that they are very flexible and can be separated to allow older parents and children to maintain their own space, and the partition wall can be knocked down to obtain more space for activities. It can accommodate multiple people and has a more spacious dining environment, so it is very attractive to buyers. And there are not many such houses on the market."

In addition to the huge HDB space, which is rare in the market, Zhang Liying said that the unit can be sold for one million yuan, also because the house is a corner unit with only one neighbor and privacy. In addition, the unit is the highest floor of HDB, the roof is higher than that of ordinary rental units, and the scenery is also good.

Another main reason is that the seller has only lived in the unit for six years, and the interior design and decoration are still very new, which can save the buyer decoration costs.

For the full report, please read the October 21, 2022 issue of Xinming Daily.